A probate bond is a fiduciary class of surety bond. “Fiduciary” is simply another term for a financially responsible party. A fiduciary’s duty is to faithfully inventory, value, and distribute the assets of a deceased person in accordance with the law and any directives given by the probate court holding jurisdiction over the estate. A probate bond can be referred to by different names. All are essentially the same obligation.

• Court Bond
  1. Definition: Required to protect consumers from the financial loss that could come with the result of a court
  2. Appeal Bond
     1. If a judgment is appealed, guarantees that the payment of the original judgment will be paid if the appeal fails
     2. Normally requires 100% collateral
  3. Custodian Bond
     1. Protects the rights of minor children (or those who are not mentally capable of taking care of their own interests/assets) to ensure that an appointed custodian will correctly manage the finances of the individual
     2. a.k.a. Guardianship Bond
  4. Executor Bond
     1. Required by the person responsible for distributing a dead person’s estate if the will does not excuse the protection of a bond or no will exists
     2. Protects the deceased’s assets and liabilities
     3. a.k.a. Probate Bond or a Fiduciary Bond
  5. Cost Bond / Injunction Bond / Replevin / Attachment Bond

A probate bond guarantees the performance of very specific duties. A fiduciary must identify all heirs and claimants, identify and collect the deceased’s assets, and appraise them. The fiduciary must pay all debts and taxes, then distribute the remaining assets among the heirs. Liquidation of assets to raise money for the decedent’s debts is often necessary. The probate bond further guarantees that the executor will identify investment or retirement accounts that are beneficiaries to the estate, which must go through the probate process before being disbursed. While performing these duties the fiduciary has an affirmative duty to make sure that estate assets will not lose value. In legal terms, the probate bond protects the estate from the misfeasance, malfeasance, and nonfeasance of the fiduciary.

Below is our application to apply for a probate bond.  Please fill out and supply any forms or information required.  Then click the Email to Bond Department Button at the bottom of the application in order to submit the form.

Probate Bond Application